AI Startup Krutrim by Ola Founder Becomes the First AI Unicorn in India

• Blockchain Council
• September 13, 2024

In a remarkable feat of innovation and investment, Krutrim, the brainchild of Ola founder and chairman Bhavish Aggarwal, has made history by becoming India’s first AI unicorn in the year 2024. This milestone achievement was officially announced on January 26, as Krutrim successfully secured an impressive $50 million in funding, soaring to a valuation of $1 billion. This news comes on the heels of another AI startup, Sarvam AI, which raised $41 million in seed and Series A financing, signaling a burgeoning interest among investors in the burgeoning field of artificial intelligence.

Matrix Partners India, a trusted supporter of Aggarwal’s previous ventures, including Ola Cabs and the upcoming IPO-bound Ola Electric, led the charge in this funding round, highlighting their unwavering faith in Aggarwal’s vision and the immense potential of Krutrim.

Krutrim, a name derived from the Sanskrit word for “artificial,” is not your run-of-the-mill AI startup. It has set its sights on revolutionizing the entire AI computing stack. In December 2023, the company unveiled its groundbreaking innovation – a family of multilingual large language models (LLM), aptly named Krutrim.

Crafted by a dedicated team of computer scientists based in both Bengaluru and San Francisco, Krutrim boasts two distinct models: Krutrim base and Krutrim Pro. While Krutrim base is already making waves, the much-anticipated Krutrim Pro is set to debut in the fourth quarter of fiscal year 2024.

Krutrim Pro is not just an ordinary large language model; it is a multimodal marvel capable of seamlessly handling various formats, including text, audio, image, and video. Beyond this, it promises a repository of extensive knowledge, advanced problem-solving abilities, and unparalleled task execution capabilities.

Krutrim’s claim to fame lies in its meticulous training on a staggering 2 trillion tokens of data, with a particular focus on Indian culture and languages. Although the exact details remain undisclosed, Krutrim proudly asserts its prowess in comprehending a staggering 22 Indian languages and generating text in 10 Indian languages. This, in itself, is a testament to the company’s commitment to India’s linguistic diversity and cultural nuances.

At its grand unveiling in December 2023, Krutrim did not shy away from comparisons. The company boldly declared that its AI models outperformed many open-source large language models trained on similar volumes of data, even outstripping OpenAI’s GPT-4 in Indic language performance. Such claims showcase the immense potential that Krutrim holds in the world of AI.

Bhavish Aggarwal, the driving force behind Krutrim, emphasized the distinction between his various ventures within the Ola Group. Krutrim operates as a separate entity, ensuring that data from Ola and Ola Electric does not influence the training of its AI models. This approach underlines the commitment to privacy and data security.

Krutrim has more in store for the world, beyond just language models. It intends to introduce a conversational AI assistant, akin to OpenAI’s ChatGPT and Google’s Bard, proficient in understanding and conversing fluently in multiple Indian languages. The eagerly awaited beta version of this AI assistant is set to hit the market in February 2024. Furthermore, Krutrim’s AI models will be accessible through an API, catering to enterprises and developers eager to create AI applications. Aggarwal has promised an “India-first cost structure,” ensuring accessibility to all.

Beyond software, Krutrim is poised to make waves in hardware. The company is actively exploring the development of its own silicon chips, specifically designed for AI computing. Additionally, Krutrim is working diligently to establish indigenous data centers, server-computing capabilities, and supercomputers. Prototypes are scheduled for mid-2024, with a comprehensive production roadmap slated for completion by the end of 2025.

Ola, the transportation giant, has ambitious plans for Krutrim as well. By March 2024, Ola intends to seamlessly integrate Krutrim across its group of companies, harnessing the power of AI for various functions, including sales, service, support, and more. This strategic partnership is bound to open new avenues for innovation and synergy.

Bhavish Aggarwal, the visionary behind Krutrim, expressed his enthusiasm for the future, stating, “India has to build its own AI, and at Krutrim, we are fully committed towards building the country’s first complete AI computing stack.” He went on to add, “We are thrilled to announce the successful closure of our first funding round, which not only validates the potential of Krutrim’s innovative AI solutions but also underscores the confidence investors have in our ability to drive meaningful change out of India for the world.”

Krutrim’s achievement as India’s first AI unicorn is a testament to the growing importance of AI in our world. It comes at a time when investors globally are rushing to identify and support AI breakthroughs. The belief is that AI advancements will enhance efficiency across countless industries, and those leading the charge will usher in a new era of transformative returns.

While India’s startup ecosystem has flourished, the AI race has remained largely uncharted territory for the nation. The country’s contenders have yet to emerge and challenge the supremacy of global AI giants like OpenAI’s ChatGPT, Amazon-backed Anthropic, or Google’s Bard. However, with initiatives like Krutrim, India is on the cusp of making its mark in the AI landscape.

Notably, Indian conglomerate Reliance recently announced a partnership with Nvidia, with ambitious plans to develop a large language model trained on India’s diverse languages. Although Mukesh Ambani’s firm is yet to launch its AI offering, this development underscores the growing interest in AI within India.

Furthermore, Sarvam, another AI startup, has secured backing from Peak XV and Lightspeed India. Sarvam is also working on a large language model, adding to the growing momentum of AI innovation within the country.

Training a large language model is no small feat, as it demands substantial resources. OpenAI, for instance, has raised over $11 billion to support its endeavors, while Anthropic has garnered billions from heavyweights like Google and Amazon. Elon Musk’s AI startup, xAI, is reportedly in discussions to raise a staggering $6 billion at a valuation of approximately $20 billion. These figures emphasize the colossal stakes and immense potential that the AI industry offers.

As Krutrim takes its place as India’s first AI unicorn, it serves as a beacon of hope for the nation’s burgeoning AI landscape. Bhavish Aggarwal’s vision and dedication have ignited a new era of AI innovation, and as the world eagerly watches, India prepares to carve its name in the annals of artificial intelligence history. The journey of Krutrim has just begun, and the possibilities it presents are limitless.